Economy Turkey working to renew UN-backed Black Sea grain deal Turkish foreign minister Mevlut Cavusoglu has said that Ankara is working hard to extend a UN-backed initiative that has enabled Ukraine to export grain from ports blockaded by Russia following its invasion. The Black Sea Grain Initiative brokered by the United Nations and Turkey last July allowed grain to be exported from three Ukrainian ports. […] March 6, 2023
Finance Brazil airline Azul reaches payment deal with aircraft lessors Brazilian airline Azul SA said late on Sunday it had reached agreements with aircraft lessors responsible for 90 percent of its obligations that would give them equity and tradeable debt in exchange for lower payments. Azul said the deal included lessors eliminating payment deferrals dating back to the Covid-19 pandemic as well as the gap […] March 6, 2023
Real Estate Turkish building’s fatal collapse blamed on permit violations The Trend Garden Residence, an upscale serviced apartment building in the Turkish city of Malatya, boasted a gym, freshly-furnished rooms and a roof-top cafeteria. But when a powerful earthquake jolted the city in the early hours of Feb. 6, the seven-floored building disintegrated, killing 29 people, according to two government officials. It was as if […] March 5, 2023
Health Aster DM Healthcare shortlists two bidders for stake in Gulf business Dubai-based Aster DM Healthcare is looking to sell a majority stake in its Gulf-based business and has short-listed buyers for the sale, two sources with direct knowledge of the matter told Reuters. Aster, which operates hospitals, clinics and pharmacies in the Gulf and India, is looking to sell a stake of more than 50 percent […] March 5, 2023
Energy Portugal’s EDP to invest $27bn to nearly double renewable capacity Portugal’s largest utility, EDP said it will step up investment and spend €25 billion ($27 billion) over four years to nearly double its renewable energy capacity to 33 gigawatts (GW) by 2026. In its strategic plan through 2026 EDP said €21 billion would be invested by its wind and solar unit EDP Renovaveis – the […] March 3, 2023
Economy Cash-strapped nations face IMF bailout delays as talks drag on Countries in debt distress such as Zambia and Sri Lanka turning to the International Monetary Fund (IMF) for financial help are facing unprecedented delays to secure bailouts as China and Western economies clash over how to provide debt relief. IMF funding is often the sole financial lifeline available to countries in a debt crunch, and […] March 3, 2023
Economy Egypt increases state pay and pension to ease economic burden Egyptian President Abdel Fattah Al-Sisi has announced a package of measures, including state wage and pension increases, aimed at easing economic pressures, hours after a hike in gasoline prices came into effect. The decisions include increasing civil servants’ monthly salaries starting from April by a minimum of 1,000 Egyptian pounds ($33), and raising the minimum […] March 3, 2023
Tourism Israel’s El Al sees revenue rise 75% by 2028 as travel rebounds El Al Israel Airlines reported a fourth-quarter net profit and forecast that annual revenue will jump 75 percent by 2028 as travel is rebounding strongly from the pandemic and the carrier plans to expand routes to Asia. Chief executive Dina Ben-Tal Ganancia said El Al was looking to resume flights to India and add flights […] March 3, 2023
Manufacturing Tesla readies ‘Project Juniper’ to revamp top-selling Model Y Tesla is readying a production revamp of its top-selling Model Y, according to three people with knowledge of the plan. The changes to the Model Y – code-named Project Juniper – involve the exterior and interior of the electric vehicle (EV) with a target of starting production in 2024, according to two of the people, […] March 2, 2023
Energy Syria suspends hydropower operations amid low water levels Local authorities in northeast Syria will suspend operations at a hydroelectric dam for a week because of low water levels, two officials said on Wednesday, leaving several million people at risk of power outages. The Tishreen dam in the northern province of Aleppo will be out of service from Wednesday until March 8, an online […] March 2, 2023
Finance Goldman says Turkey may face pre-election FX market turmoil Goldman Sachs has warned of the potential for foreign exchange market instability in the run up to Turkey’s elections following years of currency reserve depletion and other costly measures. While not its base case, the Wall Street bank said problems could be triggered if savers and firms became worried that a shift to more orthodox […] March 2, 2023
Tech Turkey fines TikTok for weak data protection measures Turkish authorities have fined TikTok 1.75 million lira ($93,000) for not taking sufficient measures to protect users from unlawful processing of their data, the Personal Data Protection Board (KVKK) said on Wednesday. The fine comes amid growing international concern over the Chinese short video-sharing app and who accesses its user data. Government institutions in Europe […] March 2, 2023
Finance Egypt’s net foreign assets decline by $1.7 billion in January Egypt’s net foreign assets (NFAs) declined by 160.2 billion Egyptian pounds in January, likely due to debts maturing and importers clearing backlogs from ports. NFAs deteriorated to a negative 654.43 billion Egyptian pounds from a negative 494.3 billion at end-December, central bank data showed. This works out to a decline of $1.70 billion using end-of-month […] March 2, 2023
Economy Fitch affirms Israel’s credit rating but cautious on judicial reforms Fitch Ratings on Wednesday affirmed Israel’s ‘A+’ sovereign credit rating with a “stable” outlook, citing strong government finances, but it said that a planned judicial overhaul plan could weaken the country’s credit profile. In maintaining Israel’s rating, Fitch said it “balances a diversified, resilient and high value-added economy and strong external finances against a high […] March 2, 2023
Finance Lebanon’s central bank to sell US dollar at 70,000 pounds Lebanon’s central bank said on Wednesday it would sell US dollars in cash at a rate of 70,000 pounds per dollar on its Sayrafa platform starting on March 2 and until further notice. The surprise announcement came as the parallel market exchange rate for the Lebanese pound hit an all-time low of 90,000 per US […] March 2, 2023
Economy China’s factory activity expands with fastest growth in a decade China’s manufacturing activity expanded at the fastest pace in more than a decade in February, an official index showed on Wednesday, smashing expectations as production zoomed after the lifting of Covid-19 restrictions late last year. The manufacturing purchasing managers’ index (PMI) shot up to 52.6 from 50.1 in January, according to China’s National Bureau of […] March 1, 2023
Finance Swiss-based trust reviews options for $3.5bn frozen Afghan assets The board of the Swiss-based trust fund managing some $3.5 billion in frozen Afghan central bank assets met for a second time last month, one of its trustees said, and discussed options for disbursing funds in line with achieving monetary stability. The frozen central bank reserves were transferred from Washington into the “Fund for the […] March 1, 2023
Economy Turkey’s earthquakes revive concerns over industrial heartland Earthquakes in southeastern Turkey that destroyed cities and killed 44,000 people have prompted authorities to look again at how the quake-prone nation might cope with a similar tremor in Turkey’s densely populated, northwestern industrial heartland. Istanbul, Turkey’s biggest city with a population of 16 million and the country’s commercial engine, lies near fault lines that […] March 1, 2023
Finance Swiss-based investment firm to open advisory office in Dubai Edmond de Rothschild Group, which specialises in asset management and private banking, said on Tuesday it is expanding its presence in Dubai with an advisory office as it looks to the fast-growing Middle East hub to cater to an affluent pool of clients. The Switzerland-based investment firm has obtained a licence from the Dubai International […] March 1, 2023
Markets Dar Global shares rise on London debut amid lower volumes Shares in property developer Dar Global rose in a sluggish market debut on Tuesday, making this London’s first significant float since Ithaca Energy’s initial public offering (IPO) late last year. The stock opened at $3.55, up from the $3.33 paid by investors ahead of the float. By the close of trade, 27,500 shares had changed […] March 1, 2023
Markets Adnoc to up stake sale in gas business IPO to 5% Abu Dhabi National Oil Co will increase the stake in its gas business being offered in an initial public offering to five from four percent, the state oil giant said on Monday. Adnoc made the decision to increase the stake in the Adnoc Gas offering “based on significant investor demand across all tranches,” it said […] February 28, 2023
Economy World Bank says quakes caused $34.2bn damage in Turkey The two major earthquakes which hit Turkey on February 6 caused about $34.2 billion in direct physical damage, but total reconstruction and recovery costs facing the country could be twice as high, the World Bank said on Monday. The bank estimates that the earthquakes would also shave at least half a percentage point off Turkey’s […] February 28, 2023
